Jack Reed actually said...

"Thank you very much, Mr. Chairman."

"I am very pleased Chairman Dodd and Ranking Member Shelby have chosen to have a hearing examining proposals to enhance the regulation of credit rating agencies."

"However, during the past year we have witnessed a significant amount of market instability stemming in part from the failure of these agencies to accurately measure the risks associated with mortgage-..."

"One of the aspects of the legislation I proposed is to at least adjust the pleading standards and effectively, a private right of action would be, I think, a stimulus for a lot of due diligence."